Page 2583 - Business Finance
ArcelorMittal commits to pay dues, files revised bid for Essar Steel
Emphasising its commitment to clear its dues on Uttam Galva and KSS Petron, ArcelorMittal on Monday said it has submitted a substantially higher bid to the Committee of Creditors (CoC) of insolvent Essar Steel.
Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31
The Finance Ministry Monday extended the last date for filing final sales return GSTR-1 for July 2017 to September 2018 period till October 31 and also waived the late fee for the delayed filing of returns. It said that the number of taxpayers who have filed summary sales return GSTR-3B is substantially higher than the number of taxpayers who furnished GSTR-1. "In order to encourage taxpayers to furnish Form GSTR-1, a one-time scheme to waive late fee payable for delayed furnishing of GSTR-1 for the period from July 2017 to September 2018 till October 31, 2018, has been launched," the ministry said. Under the Goods and Services Tax (GST), businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month. Accordingly, GSTR-1 for the month of September 2018, was required to be filed by October 11, 2018. This date has now been extended to October 31. For taxpayers having aggregate turnover up to Rs 1.5 crore, the due date for furnishing ...
New York regulator approves Winklevoss, Paxos dollar-linked tokens
NEW YORK (Reuters) - New York state on Monday approved Gemini Trust Company's and Paxos Trust Company's dollar-linked digital currencies, the first stablecoins to get the nod from the region's regulator.
CBS to pay Moonves up to $120 million depending on outcome of probe
(Reuters) - CBS Corp said on Monday it will pay up to $120 million to former Chief Executive Officer Leslie Moonves if an internal investigation into allegations of harassment fails to provide grounds for his dismissal.
Equity indices register highest single-day fall in 6 months (Roundup)
An expected rise in inflation dented investors' risk-taking appetite on Monday and pulled the Indian equity market deep into the red, with both indices registering their highest fall in the last six months, analyst said.
Andhra Pradesh announces Rs 2 cut in tax on petrol, diesel
As fuel prices continued the upward spiral, the Andhra Pradesh government Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre. Making the announcement in the state assembly, Chief Minister N Chandrababu Naidu said the Centre earned a huge sum by hiking levies on fuel but did little to reduce the burden on the common man. The state government is currently levying 31 per cent Value Added Tax plus Rs 4 as additional tax per litre of petrol and diesel. The additional tax component is now being reduced to Rs 2 a litre, a senior official of the Commercial Taxes Department said separately. Consequently, the price of petrol is expected to come down to Rs 84.71 a litre and diesel Rs 77.98 from Tuesday morning when the tax cut comes into effect. "Though the state is faced with a deficit budget, we have decided to reduce the tax and ease the burden on people," the chief minister said. The state government would have to forego a revenue of Rs 1,120 crore due to .
Rupee cracks below 72-mark, hits new closing low of 72.45
The rupee Monday crashed below the 72-mark to end at a life-low of 72.45 against the US dollar on growing fears of contagion from an emerging-market rout and escalation of global trade war. Heavy speculative dollar demand along with panic among importers sent the domestic currency tumbling by a sharp 94 paise to hit a historic low of 72.67 in mid-morning trade, triggering the central bank intervention to defend the currency. It finished the day 72 paise lower against the American currency - its biggest one-day crash since August 13. After a short-lived recovery, forex market sentiment once again turned volatile after US President Donald Trump decided to raise the economic and financial stakes of the global trade war on Friday. Adding to the fundamental stress, Trump also announced that the US administration was considering another USD 267 billion in tariffs on Chinese imports. The rupee had recovered on Friday to close 26 paise higher after a seven straight-day decline. Widespread ...
CBI sent Nishal Modi's extradition request to MHA: Sources
The Central Bureau of Investigation (CBI) sources on Monday said that it has sent extradition request against absconding diamantaire Nirav Modi's brother, Nishal Modi, to the Ministry of Home Affairs (MHA) on September 7.Nishal Modi, a Belgian citizen and an accused in the multi-million dollar Punjab National Bank (PNB) scam, was charge sheeted on account of being an alleged beneficiary of the scam.It is alleged that Nishal was involved in the introduction of dummy partners, which was changing the pattern of the partnership of the firm.PNB detected the multi-crore scam in February this year, wherein diamantaire Nirav and his uncle-cum-business-partner Choksi had allegedly cheated the bank to the tune of Rs. 114 billion, with the purported involvement of a few employees of the bank.The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.
Bharat Bandh: Cong demands inclusion of fuel under GST
The Congress Party on Monday asserted that they would continue the agitation against rising fuel prices until petrol and diesel are brought under the Goods and Services Tax (GST).Addressing a presser after the culmination of the Bharat Bandh, Congress general secretary Ashok Gehlot said, "Today's Bharat Bandh was a success and I thank everyone who participated in it. The main objective for this was the rising fuel prices and the broken promises of Prime Minister Modi. When fuel prices were rising during the United Progressive Alliance regime due to rising global oil prices, we reduced VAT to take off the burden from the common people."He also attacked Prime Minister Modi for his silence on the matter and said, "They talk about opposition unity in their national executive but do not discuss issues concerning the general public. They are not at all worried about public concerns. Prime Minister doesn't utter a single word."Congress national spokesperson Randeep Singh Surjewala also ...
CBS to pay Moonves up to $120 million pending probe outcome
(Reuters) - CBS Corp said on Monday it will pay up to $120 million to former chief executive officer Leslie Moonves if an internal investigation into allegations of harassment fails to provide grounds for his dismissal.
Oil up as U.S. drilling stalls, Iranian sanctions bite
LONDON (Reuters) - Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.
Wall Street opens higher as tax cut hopes outshine trade fears
(Reuters) - U.S. stocks opened higher on Monday as hopes for a fresh round of tax cuts overshadowed fears of an escalation in the trade war between the United States and China.
NMDC iron ore production at 9.85 MT in April-August
State-owned NMDC Monday said it has produced 9.85 million tonne (MT) iron ore in the April-August period of the ongoing financial year. The company produced 6.17 MT iron ore from its mines in Chhattisgarh and 3.68 MT from the mine in Karnataka, NMDC said in a filing to BSE. NMDC also said it sold 11.04 MT iron ore during the said period. Production and sales figures of iron ore are provisional, it added. In a separate filing, the company said it has fixed the price of lump ore at Rs 3,550 a tonne and that of fines at Rs 3,110 a tonne for September. "The prices of iron ore with effect from September 7 2018 have been fixed. Lump ore (65.5 per cent, 6-40 mm) at Rs 3,550 per tonne. Fines (64 per cent, -10 mm) at Rs 3,110 per tonne," it said. Iron ore is the main ingredient used in making steel. NMDC is India's single largest iron ore producer, producing about 36 MT of iron ore from three fully mechanised mines. The company is involved in the exploration of wide range of minerals, ...
Grofers partners with local businesses for last mile delivery
Online grocery firm Grofers said Monday it is partnering with local entrepreneurs to help with last mile delivery, a model that it expects will be used to deliver half of its overall order volumes. Under its 'Grofers Service Partners' Programme (GSP), the SoftBank-backed company has already signed up over 600 delivery partners in Delhi-NCR, Mumbai, Bangalore and Kolkata, it said in a statement. "The programme, which includes collaboration with local entrepreneurs, who are well versed with the neighbourhood, will help the brand create a supreme delivery experience for consumers with better efficiency and scalability in last leg of the delivery," it added. Grofers said it aims to enrol over 2,000 local businesses and store owners under the programme by the end of the year and eventually expand it to all its 13 operational markets. At present, 16 per cent of daily orders are being delivered by Grofers Service Partners and we are planning to increase it to 50 per cent of our overall ...
Nifty ends at 11,438, down 151 points amid rupee woes
The NSE Nifty dropped sharply by 151 points, its biggest single-day loss in past six months, to close at 11,438 due to heavy losses in energy, financials and pharma stocks. The fresh trade war spat between the US and China after Donald Trump threatened to impose additional tariffs on USD 267 billion worth of Chinese products dampened investors sentiments. The rupee touching a life-low of 72.67 per dollar, forcing the government to consider measures to soften the fall after the current account deficit widened to most in five years also hit the sentiment. Rupee had declined nearly 15 percent against the dollar this year. "The persistent weakness in the Indian rupee is now starting to show its impact on all asset classes including the equities. The 'sentiment risk' is now the major challenge for stock markets," Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking Limited said. Overseas, shares in Europe struggled to make gains while most Asian shares ended ...
UK economy on track for best quarter since late 2016: NIESR
LONDON (Reuters) - Britain's economy looks on track for its best quarter since late 2016, the National Institute of Economic and Social Research (NIESR) estimated on Monday.
SAIC to buy rival government services contractor Engility for $1.5 billion
WASHINGTON (Reuters) - Science Applications International Corp (SAIC) said on Monday it will acquire Engility Holdings Inc for $1.5 billion in stock, a deal that will turn it into the second-largest independent U.S. government services contractor.
'Kerala floods: Hotel occupancy to stay below 20-25% in Sept'
The fear of disease and epidemic post the Kerala floods is likely to keep travellers away from the state, keeping the hotel occupancy rate in September below 20-25 per cent, against 60 per cent in the same month last year, a report said Monday. Over 400 people have died in the deluge in Kerala last month, impacting 10 of the 14 districts in the state. Ernakulam, the largest tourism and industrial contributor to the state economy, was severely damaged, with the major Kochi airport shutting down for two weeks. "Fear of disease and epidemic is keeping all but unavoidable travel away. Basis preliminary cancellations, occupancy in September is unlikely to cross 20-25 per cent. It was around 60 per cent during the same period last year," rating agency Icra said in its report. Occupancies were under 10 per cent during August across several premium properties in Kerala, even in business districts, according to the report. Icra vice president and sector head Pavethra Ponniah said
Virtual reality becoming necessity in realty sector: Housing.com
Virtual reality is becoming a necessity in Indian real estate with home buyers, developers and brokers demanding a better way of discovering and showcasing properties, according to realty portal Housing.com. Singapore-based Elara Technologies, which owns three realty portals Housing.com, PropTiger.com, and Makaan.com, has introduced a virtual reality (VR) based solution RealtyVision 2.0' for its clients, which are realty firm brokers as well as home buyers. The solution is the newest way of digitally presenting real estate projects within a simulated environment. It will work without an internet connection, easily facilitating customer visits. "Virtual reality is moving from being a novelty to a necessity in the real estate sector. Home buyers, developers, and real estate agents are demanding a better and more efficient way of discovering and showcasing properties," said Ravi Bhushan, chief product technology officer of the three portals. Stating that the company wants to augment the .
Gold, silver recover on fresh buying
Gold prices rebounded by Rs 105 to Rs 30,535 per 10 gram at the bullion market here Monday on renewed buying by local jewellers and retailers despite a sluggish global trend. A depreciating rupee which has breached the 72 level against the US dollar also lifted the prices as imports have turned costlier, traders said. Increased buying by local jewellers to meet rising festive demand for ornaments drove gold prices, but a weak overseas trend capped the gains. Silver prices too recouped by Rs 365 to Rs 36,845 per kg, supported by fresh demand from industrial units and coin makers. Standard gold (99.5 per cent purity) rose by Rs 105 to end at Rs 30,535 per 10 gram from Friday's closing level of Rs 30,430. Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,685 per 10 gram as against Rs 30,580, previously. Silver (.999 fineness) climbed Rs 365 per kg to conclude at Rs 36,845 as compared to Rs 36,480 last Friday. Globally, gold prices edged down for a ...